Stock Market & Financial Investment News

EU downturn affecting core of bloc, WSJ reportsThe European Commission will issue a new round of economic forecasts for member states today that are expected to show a further deterioration in the euro zone's peripheral economies that's beginning to affect the core of the currency bloc, reports the Wall Street Journal. Reference Link

News For UBS;LYG;BBVA;RBS;BCS;CS;STD;ING;DB;AEG;RY From The Last 14 Days

Case against Credit Suisse over 'dark pools' prepped by NY AG, Fox Business saysNew York Attorney General Eric Schneiderman is readying to bring a civil case against Credit Suisse over high-frequency trading abuses through its Crossfinder “dark pools,” according to Fox Business' Charlie Gasparino. Reference Link

UBS says U.S.-based brokerage business not for sale, Reuters reportsUBS CEO Sergio Ermotti told analysts following the company's Q2 results that its U.S-based brokerage business, which posted a 6% decline in Q2 profit before tax, is not up for sale, Reuters reports. UBS formed the unit when it bought PaineWebber in 2000, and Ermotti says the unit is "critical" to the bank's overall private banking strategy. Reference Link

UBS steps back from Puerto Rico bond funds, Reuters reportsUBS is backing away from its Puerto Rico bond funds, telling clients that they can no longer use them as collateral for some loans after Puerto Rico's financial troubles resulted in major credit agency downgrades, Reuters reports, citing a July 13 letter to clients. UBS' Puerto Rico unit said it will contact investors to discuss alternative options, the report says. Reference Link

Valeant beats RBC as biggest Canadian company by market value, Bloomberg saysValeant (VRX) has surpassed Royal Bank of Canada (RY) as the largest Canadian company by market value on the Toronto Stock Exchange, Bloomberg reports. Valeant surged 4.5% to a total market value of C$111.3B at 11:21 AM in Toronto, beating the Royal Bank's C$108.3B market value, the report says. Reference Link

Barclays in talks to sell Portuguese banking unit, Bloomberg reportsBarclays is in advanced discussions with a Spanish bidder to sell its Portuguese banking unit, Bloomberg reports, citing people with knowledge of the plan. The sale would exclude Barclays' Portuguese credit-card business, the report says. Interested parties may include Bankinter, the report says. Reference Link

Barclays announces strategic partnership with Elkhorn CapitalBarclays announced a strategic partnership with Illinois-based investment firm Elkhorn Capital Group. The partnership is designed to extend Barclays’ product availability by bringing together its extensive experience in creating distinctive investment concepts with Elkhorn’s independent product expertise. The partnership will allow Barclays and Elkhorn to collaborate in offering clients access to additional products based on Barclays’ strategies.

Judge says Lloyds must release records in HBOS case, Reuters reportsLondon's High Court of Justice has ruled that Lloyds must disclose any legal advice it received prior to its acquisition of Halifax Bank of Scotland, as part of a GBP350M lawsuit brought by a group of Lloyds investors, Reuters reported earlier. The lawsuit alleges that Lloyds failed to disclose details of financial vulnerability at HBOS prior to seeking shareholder approval, said the report. Reference Link

U.K. watchdog visited Barclays 186 times in 2014, Bloomberg reportsThe FCA's supervisory team made 186 visits to Barclays (BCS) in 2014, more than any other British bank that year, Bloomberg reports. HSBC (HSBC) was next highest with 85 visits, with RBS (RBS) and Lloyds (LYG) following with 65 and 58 encounters, respectively, the report says. Reference Link

Barclays to cut 30,000 jobs in two years, The Times saysBarclays plan to cut 30,000 jobs within two years as it considers accelerating its cost-cutting program, reports The Times, citing senior sources. Reference Link